May 18, 2024
Total Knee Arthroplasty Market

Total Knee Arthroplasty Market Driven by Increasing Geriatric Population and Rising Incidence of Osteoarthritis

Total Knee Arthroplasty, also known as knee replacement surgery, is a surgical procedure used to replace the weight-bearing surfaces of the knee joint to relieve pain and disability. Knee replacement implants are designed to restore normal knee function by resurfacing the ends of the femur and tibia bones. It provides relief for individuals diagnosed with osteoarthritis or other knee joint diseases that cause pain and limit mobility. The procedure involves removing diseased cartilage and bone and replacing them with prosthesis made of metal alloys, high-grade plastics and polymers. Knee replacement implants are designed to replicate natural knee movement and reduce pain to improve quality of life. The growing geriatric population prone to arthritis and other joint disorders is a key factor driving increased demand for knee replacement procedures.

The Global Total Knee Arthroplasty Market is estimated to be valued at US$ 10,889.08 Million in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the Total Knee Arthroplasty Market are Depuy Synthes (Johnson & Johnson), Zimmer Biomet Holdings, Inc., MicroPort Scientific Corporation, Conformis Inc., Corin Group, Exactech Inc., DJO LLC. (Colfax Corporation), Medacta International, Smith & Nephew plc, Stryker Corporation, Baumer SA, SurgTech Inc., and Meril Life Sciences Pvt. Ltd.

The Total Knee Arthroplasty Market Growth is expected to lucrative opportunities due to the rising medical tourism in Asia Pacific and Latin America for cost-effective knee replacement procedures. Ongoing research and development of innovative knee implants and robotic-assisted techniques are also expected to support Market growth over the forecast period.

Market Drivers
The growing geriatric population and associated rise in osteoarthritis incidence is a major driver of Market growth. It is estimated that by 2050, over 20% of the population in developed countries will be over 65 years of age. Sedentary lifestyles and growing obesity have also increased the risk of joint disorders significantly over the years. Advancements in material science and implant design have made the procedure more viable and successful, encouraging more individuals to opt for knee replacements. These factors are anticipated to propel demand through 2031.

Current challenges in Total Knee Arthroplasty Market:

The Total Knee Arthroplasty Market is facing certain challenges which include high cost of technological advanced products, risk of post-surgical complications, lack of awareness about knee replacement surgeries in developing regions. The advanced robotic technology used in computer navigation and patient-specific implants has increased the procedure cost considerably. Post-surgical risks such as infections, implant wear and loosening also add to the treatment burden. Many patients in underdeveloped regions are still not aware about modern knee replacement procedures and continue to suffer in pain. Overcoming these challenges would help drive higher adoption of Total Knee Arthroplasty in the future.

SWOT Analysis

Strength: Growing geriatric population with increased risk of knee osteoarthritis is driving demand. Technological advancements are improving patient outcomes.

Weakness: Risk of post-surgical complications and revision surgeries increase the medical costs. Lack of reimbursement policies in developing nations restrict Market growth.

Opportunity: Untapped potential in Asia Pacific and Latin American countries offers scope for Market expansion. Mini-incision and customized implants can boost minimal invasive procedures.

Threats: Strong competition from knee braces and pain management alternatives. Stringent regulatory approval delays new product launches.

The Market for Total Knee Arthroplasty finds maximum concentration of value in developed regions like North America and Western Europe due to higher healthcare spending and aging demographic trends in these economies. However, Asia Pacific region is identified as the fastest growing regional Market over the forecast period supported by improving medical infrastructure and healthcare reforms in populous nations like China and India. The rising middle class population with greater affordability for imported medical devices in Asia Pacific will drive the future momentum for Total Knee Arthroplasty procedures.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it